Good point Hobbers and very true. What tends to offset the funds going to ETF's is that the FED and all central banks have greatly increased the money supply. Since the central banks will always underestimate their printing operations, it is difficult to relatively gauge the true amount in the PM shares sector that has been leached away by the ETF's.

What seems to be much different this time is the organized selling that has been widespread in the PM shares for about the past 2-3 years. Years ago, fundamentals drove a company's share price, which was enhanced by leverage to physical gold and silver prices in the junior sector. Now upside leverage has been completely annihilated and a junior's move depends only on a technical chart, which can be painted in whichever direction. What also has disappeared from the junior's in this same time frame is the massive move that a few small juniors make once they hit the motherload. However, since ARU a few years ago, any positive developments in the junior sector have been neglible, thus removing a major marketing tool.

Although the OSC should be identifying any suspect trading activity in the sector, it is keenly apparent that their track record is even worse than the SEC. The best small investors can do at this point is wait for the perpetrators to flip to the long side or wait until Asia comes riding to the rescue.

Extreme patience - VHF